Inflation rate hit 3.0% in September, lower than expected, long-awaited CPI report shows

Core Insights - The consumer price index (CPI) increased by 0.3% in September, resulting in an annual inflation rate of 3%, which was lower than economists' expectations of 0.4% and 3.1% respectively [1] - Core CPI, excluding food and energy, showed a 0.2% monthly gain and maintained an annual rate of 3%, also below the anticipated 0.3% [2] - Gasoline prices surged by 4.1%, being the largest contributor to the inflation report, while overall commodity prices rose by 0.5% [2] Housing and Services - Shelter costs, which account for about one-third of the CPI weighting, increased by only 0.2% month-over-month and 3.6% year-over-year [3] - Services, excluding shelter costs, also saw a 0.2% increase [3] - New vehicle prices rose by 0.8%, while used car and truck prices decreased by 0.4% [3]